As part of the Government’s support for businesses affected by Covid-19 they allowed the deferral of VAT payments to 31 March 2021 for any VAT payments due in the period 20 March 2020 to 30 June 2020.
The deferral period came to an end on 30 June 2020 and any VAT payments due after this date should be paid in full along with timely submission of the VAT Return. Businesses that cancelled their direct debit will need to take action to reinstate this for any VAT payments that fall due on or after 1 July 2020. HMRC advise that direct debits should be set up at least three days before payment is due and that failure to get the payment set up in time could result in it being late and penalties being incurred. The instruction can be set up in the online VAT account with HMRC. Comments are closed.
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November 2023
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